Tulfo pushes easier digital finance access

Senator Erwin Tulfo is calling for broader reforms to make digital financial services easier and safer to use, saying high transaction costs are only one of several barriers keeping many Filipinos outside the formal financial system.

Tulfo said lowering or eliminating fees could encourage more people to use digital payments, but would have limited effect if consumers continue to face complicated account-opening procedures, unreliable internet connections, unfamiliar banking applications and fears over online fraud.

“Lower or even zero fees can certainly help encourage digital transactions, but they are only one part of the bigger picture,” Tulfo said.

He said financial services should be designed to be easy to enter, understand and use, particularly for first-time users and Filipinos with limited experience in digital technology.

Tulfo urged digital and traditional banks, electronic-wallet providers, financial technology companies, telecommunications firms and regulators to work together in building a financial ecosystem where consumers can conveniently make payments, transfer money and access basic financial services without unnecessary hurdles.

The senator acknowledged efforts by the Bangko Sentral ng Pilipinas to expand access to basic deposit accounts and digital payments but said the success of financial-inclusion policies should ultimately be judged by their impact on ordinary consumers.

Trust, he added, must develop alongside access.

Tulfo said stronger safeguards against fraud, clear disclosure of fees and charges, responsive customer service and effective complaint-resolution systems are essential if more Filipinos are to confidently embrace digital financial services.

He also stressed the importance of financial and digital literacy, simpler application interfaces and dependable connectivity, particularly for people who are only beginning to use online banking and other digital platforms.

For Tulfo, financial inclusion should not be measured simply by the number of accounts opened or digital transactions completed. More importantly, Filipinos should be able to use these services to save money, receive payments, transfer funds, access responsible credit, obtain insurance, and manage their finances more effectively.

He said the goal should be an ecosystem with “zero unnecessary barriers,” rather than one focused solely on eliminating fees.

A simpler and more trustworthy digital financial system, Tulfo said, could help extend formal financial services to Filipinos who currently remain underserved or excluded.